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CapitaLand Mall Trust
Annual Report 2015
Independent Retail Market Overview
Retail Supply
Our forecast supply of retail space for Singapore takes
into account forecast annual completions of shopping
centres as well as allowance for other new retail floor
space and some obsolescence of space.
For retail floor space additions, the forecast takes into
consideration current projects in the supply pipeline
captured by Urban Redevelopment Authority (URA) as
well as other future projects. Some examples of new
malls include the Tampines Town Hub, Project Jewel,
and Hillion Mall.
We have also taken into account potential additional
retail floor space that is not yet announced. Overall,
we expect to see additional retail floor space of
approximately 4.6 million sq ft over the next five years,
averaging 0.9 million sq ft of new retail space per
annum. This is broadly in line with historic growth.
We estimate that total retail floor space provision for
Singapore at the end of 2015 was 64.6 million sq
ft. This figure is expected to increase to 69.2 million
sq ft by the end of 2020. This represents an average
growth of around 1.4% per annum. Over this period,
the proportion of total retail floor space occupied by
shopping centres is expected to increase from its
current level of 47.4% to 50.6% in 2020.
Forecast
Singapore Retail Floor Space Supply
1
(million sq ft)
Shopping Centre
Others
2
Source: Urbis.
2004
2020
2019
2018
2017
2016
2015
2014
2013
2011
2010
2009
2008
2007
2006
2005
2012
43.8 45.2
49.3 49.9 52.3 54.9
57.4 58.9 60.2 61.8 63.5 64.6 65.6 66.4 67.4 68.3 69.2
1 As at end of each year.
2 Others refer to other forms of retail space such as Housing Development Board’s shop space.
